Located in Central New Jersey and encompassing Middletown, Freehold, Red Bank, and iconic Jersey Shore towns including Asbury Park and Belmar, Monmouth County is the fifth most populous county in New Jersey. It is also one of the most affluent counties in the country, consistently ranking in the top 50 US state counties by wealth. The cost of living in Monmouth County can be high, which is why is it important to hire a Monmouth County fee-only financial planner.
Why You Should Hire a Monmouth County Fee-Only Financial Planner
The first big decision is what type of Monmouth County financial planner to hire. Among Certified Financial Planners (or CFPs), the industry gold standard, there are three types of compensation models which may affect the type of experience you have:
- A Commission-Based Financial Planner receives 100% of their compensation from commission sales. Their incentive is primarily to sell you one of their products, rather than provide sound financial advice. A simple analogy would be a car salesman at a dealership, who is trying to push you towards an expensive sports car even though you have made it clear you need a family-friendly that meets your budget and safety requirements. The salesman clearly does not have your best interest at heart, and you’ll have a frustrating experience as a result.
- A Fee-Based Financial Planner earns a small fee from their clients in addition to commission sales. This is an effort to get a planner more invested in their client’s success as opposed to getting the sale, but the majority of their compensation is still based on selling products, so there is still a conflict of interest. Imagine another car salesman who points you towards the family car you are looking for, but keeps pushing expensive features you do not want or need.
- A Fee-Only Financial Planner earns 100% of their revenue from their clients. They do not receive any commissions or compensation of any kind on the financial products the recommend. There are no conflicts of interest, and their only goal is their client’s success. In the case of the car dealership, this salesman shows you the car you need, helps you decide which features you need and which you do not, and tells you how you can get the best deal.
Benefits of Choosing a Monmouth County Fee-Only Financial Planner
A Fee-Only CFP® is not only qualified, but they also have your best interest in mind. What exactly is it that makes a fee-only financial planner a better option for most people than the other options? We have three major reasons choosing an Monmouth County fee-only financial planner is in your best interest.
- Fee-only financial planners are incentivized to provide unbiased advice because they receive compensation solely from their clients, and not from third-party sources, such as commissions or bonuses from investment companies. This means that fee-only financial planners have no ulterior motives to push particular investment products that may not be in the client’s best interest. By working with a fee-only financial planner, clients can have confidence that their financial planner is solely focused on providing them with the best possible financial advice.
- Many financial advisors are incentivized to promote certain investment products to clients as part of their compensation structure. However, this can result in a conflict of interest and potentially limit the range of investment options available to clients. By contrast, fee-only financial planners focus solely on providing financial advice that aligns with their client’s financial goals and objectives. This ensures that clients receive objective advice that is free from any conflicts of interest.
- Most fee-only financial planners charge a percentage of the amount of money they manage. This incentivizes fee-only financial planners to be efficient with their clients’ money, as their returns directly affect their compensation. This model aligns the interests of the financial planner and the client. If the client’s investments perform well, both parties benefit, creating a win-win situation. In contrast, other compensation models, such as commissions or flat fees, can lead to conflicts of interest or a misalignment of incentives. As a result, the percentage-based payment option offered by fee-only financial planners is attractive for clients looking for a financial planner committed to their financial success.
Make Sure Your Financial Planner is a Fiduciary
On top of choosing a fee-only financial planner, you should also make sure they are a fiduciary. This means they are required to act in the best interest of their client when handling retirement investments. A financial professional who is not a fiduciary has no legal obligation to put the needs of their clients ahead of their own.
Contact a Monmouth County Retirement Planner Today
If you are living in Monmouth County, NJ, and nearing retirement, it is essential to find a trusted Monmouth County Fee-Only Financial Planner. As a fee-only Certified Financial Planner (CFP®) and fiduciary, Zynergy Retirement Planning provides reliable and objective financial advice, which helps build successful, productive long-term relationships with clients. At Zynergy Retirement Planning, we prioritize our clients’ interests and offer unbiased advice, ensuring that our clients achieve their financial goals. So, if you want to secure your financial future, contact Zynergy Retirement Planning today and learn more about our services.
Retirement Planning in Monmouth County, NJ
Monmouth County, NJ is a perfect place to plan your retirement, with beautiful beaches, shore towns with popular boardwalks and an exciting night life, numerous county parks, and a convenient commute to New York City. In addition to our Red Bank headquarters, Zynergy Retirement Planning offers our services in all Monmouth County towns, including:
- Red Bank
- Ocean Township
- Asbury Park
- Little Silver
- Long Branch
- Sea Girt
- Fair Haven
- Spring Lake
- Colts Neck
- Tinton Falls
Contact Zynergy Retirement Planning today to discuss how a Monmouth County Fee-Only Financial Planner can help you plan your ideal retirement.